The financial sector of Singapore plays a crucial role in supporting the country's economic growth and development. With the rise of new technologies and changing customer needs, the finance industry is reshaping the job roles and skills required of professionals in the sector.

The finance industry comprises a diverse range of job roles, including financial advisors, bankers, investment managers, insurance professionals, and more. As the industry undergoes a transformation driven by emerging technologies and evolving customer needs, there will be significant changes to these job roles. For example, we may see the emergence of new roles such as data analysts and cyber security specialists, while traditional roles will require additional skills, such as digital literacy and customer experience management. At the same time, we can expect to see increased adoption of technologies such as blockchain, artificial intelligence (AI), and machine learning enabling more efficient and personalised financial services.

In this section, we will delve into the financial services sector in Singapore and provide an overview of its current state. We will examine the key job roles in the industry paying particular attention to those that are likely to be significantly impacted by the rise of data analytics and automation. While it's clear that change is coming, the specific nature and timeline of these changes are less certain. Consequently, we'll explore how upcoming trends and emerging technologies are shaping roles in the finance sector and how professionals can proactively prepare for these changes.

The financial services sector in Singapore is experiencing a period of rapid transformation, driven in large part by technological innovations. Three particularly significant trends in this regard are Robotic Process Automation (RPA), advanced analytics, and AI.

RPA is already used extensively in the finance sector to automate repetitive, rule-based tasks such as data entry and reconciliation. As this technology advances, we expect to see even more significant process efficiencies across the sector.

Similarly, advanced analytics is becoming increasingly prevalent, with financial institutions leveraging big data and machine learning algorithms to gain deeper insights into customer behaviour, risk management, and fraud detection. AI, meanwhile, is rapidly evolving, with chatbots and virtual assistants already being deployed in customer service and advisory roles. Looking forward, AI is expected to have an even greater impact on the finance sector, with applications such as credit underwriting, investment management, and wealth advisory being revolutionised by technology.

For professionals in the finance industry to remain competitive, it is essential to develop the necessary skillsets to leverage these technologies effectively. The individuals will need to utilise the information and insights generated to make more informed judgement in solving new and/or more complex problems. It is also important for individuals to be adaptable and willing to learn as new technologies and trends emerge. Those who can develop the necessary skills and competencies will be well-positioned to capitalise on the opportunities presented by these emerging trends and remain relevant in the financial services sector.

As the financial services sector evolves in the face of growing automation and data analytics, job roles in the industry are experiencing various degrees of impact. Broadly, we can categorise these impacts into three levels: high impact, medium impact, and low impact.

High Impact Roles in Finance

Roles under this category face a high degree of exposure to automation and risk convergence or displacement by automation. In these cases, automation and data analytics have the potential to consolidate multiple roles into one or replace a significant portion of job tasks. These jobs typically involve transactional tasks of high volume, low decision latitude, and minimal control over organizational decisions.

High-impact jobs in the finance sector facing displacement or convergence:

As the financial services sector continues to evolve, we can expect to see a range of emerging job opportunities, including:

• Agile IT Programme Managers are on the rise as financial institutions seek to leverage technology to create more agile and responsive systems.

• Cloud and Embedded Security Specialists are also in demand as institutions seek to ensure the security of their data and systems in an increasingly digital landscape.

• Robotics Process Designers are becoming increasingly important, with many financial institutions in Singapore and worldwide seeking to automate their operations and improve efficiency.

Professionals with expertise in these areas will be well-positioned to take advantage of these emerging job opportunities in the financial services sector of Singapore.

In addition to traditional financial skills, Singapore's finance industry will require professionals well-versed in three key areas: cyber security, risk awareness, and change management. Cybersecurity will be a critical skill for professionals as the industry becomes more reliant on digital technologies. Professionals who can identify and mitigate cyber threats will be in high demand. Risk awareness is also crucial, as financial institutions must navigate complex regulatory environments and manage potential risks. Finally, change management will be an essential skill for professionals as the industry evolves and transforms. Adapting to changing technologies and business models will be essential for success in the future of the finance industry of Singapore.

The Skills Framework

The Skills Framework (SFw) is a SkillsFuture initiative, designed to promote skills mastery and lifelong learning for the Singapore workforce.

For more information on each job role (complete list of skills, critical work functions and key tasks), please refer to Skills Framework for Financial Services.